Innovalight is developing a silicon nanocrystalline ink, which supposedly will have the advantage of high throughput print manufacturing — but without the lowered efficiency that most CIGS-based solar technologies suffer. The company says its technology “could be as much as 10 times cheaper than current solar cell solutions.”

The market for thin-film solar is going to explode over the next few years. Lux Research estimates that thin-film solar will grab 28 percent of the solar market by 2012. While this seems like a big jump for such a new technology, the sector is moving forward quickly as more startups like Innovalight put their funds into production. Nanosolar and Konarka are both gearing up 1 GW solar printing production. Meanwhile, big electronics players are pushing hard into this sector, and Sharp recently said it aims to corner half of the thin-film solar market.

This new financing pushes Innovalight’s total funding to over $50 million. The company raised $28 million in Series C funding last year led by Convexa Capital, and including Scatec AS, Apax Partners, ARCH Venture Partners, Harris Group, Sevin Rosen Funds and Triton Ventures. Previously, the startup had raised $14 million in Series A and B funding.